Financial Performance - For the six months ended June 30, 2024, the group's contract sales amounted to approximately RMB 916.1 million, a decrease of about 62.8% compared to the same period last year[1]. - The group's revenue for the same period reached RMB 2,466.3 million, a decrease of approximately 4.1% year-on-year, with a gross profit of RMB 140.2 million and a gross margin of 5.7%[1]. - The net loss for the six months ended June 30, 2024, was RMB 1,571.9 million, compared to a net loss of RMB 1,353.9 million in the same period last year[2]. - Operating loss for the period was RMB 1,157.2 million, significantly higher than the operating loss of RMB 490.3 million in the same period last year[2]. - The basic loss per share attributable to equity holders of the company was RMB 0.96, compared to RMB 0.89 in the previous year[2]. - For the six months ended June 30, 2024, total segment revenue was RMB 2,501,391,000, a decrease from RMB 2,625,239,000 for the same period in 2023, representing a decline of approximately 4.7%[16][17]. - The company reported a total loss of RMB 1,571,946,000 for the six months ended June 30, 2024, compared to a loss of RMB 1,353,898,000 for the same period in 2023, representing a decline of approximately 16.2%[16][17]. - The company reported a loss attributable to equity holders of RMB 1,483,247 thousand, compared to a loss of RMB 1,363,865 thousand for the same period in 2023, representing an increase in loss of approximately 8.8%[36]. Assets and Liabilities - As of June 30, 2024, the total assets of the group were RMB 36,128.2 million, a decrease of 8.6% from December 31, 2023[1]. - Total liabilities as of June 30, 2024, amounted to RMB 33,687.3 million, with total equity of RMB 2,440.9 million[6]. - As of June 30, 2024, the group's borrowings amounted to RMB 16,937,916,000, with RMB 9,754,293,000 of the senior notes overdue[9]. - The net debt-to-capital ratio was approximately 677% as of June 30, 2024, with total bank deposits and cash on hand amounting to RMB 405.7 million[1]. - The segment liabilities totaled RMB 73,137,181,000 as of June 30, 2024, down from RMB 75,021,873,000 at the end of 2023, indicating a reduction of about 2.5%[16][18]. Cash Flow and Financing - The company's cash and cash equivalents, including restricted cash, were only RMB 405,717,000 as of June 30, 2024[9]. - The company’s financing costs totaled RMB 534.2 million for the six months ended June 30, 2024, a decrease of 47.9% from RMB 1,024.5 million in the same period of 2023[69]. - The company’s cash flow needs are primarily met through cash reserves, proceeds from property sales, and new loans[64]. - The company is actively negotiating with lenders to restructure and extend repayment schedules for certain borrowings[10]. - The company has implemented several plans and measures to improve its liquidity and financial condition, which are detailed in the interim financial information note 2[86]. Revenue Breakdown - Property sales revenue for the six months ended June 30, 2024, was RMB 2,001,831,000, compared to RMB 2,066,674,000 in 2023[15]. - Property sales accounted for 81.2% of total revenue, amounting to RMB 2,001.8 million, down 3.1% from RMB 2,066.7 million in the previous year due to a decrease in the area delivered[51]. - Property management revenue was approximately RMB 392.0 million, remaining stable compared to RMB 391.7 million in the previous year, representing 15.9% of total revenue[51]. - Rental income decreased by 28.0% to RMB 60.5 million from RMB 84.1 million in the previous year, primarily due to the sale of investment properties[52]. Market Conditions and Strategy - The overall real estate market in China showed a decline, with a 19.5% year-on-year decrease in the sales area of commercial housing and a 15.8% decrease in sales value for the first half of 2024[39]. - The central government's focus for real estate policy in 2024 includes stabilizing the market and promoting urban renewal, aiming to address the ongoing downward pressure in the industry[40]. - The company is facing significant operational pressure due to the slower-than-expected recovery in real estate sales data for the first half of 2024[41]. - The company plans to enhance its business model by transitioning from a developer to a service provider, focusing on diversified development areas such as urban renewal and long-term rental apartments[41]. Employee and Operational Metrics - Employee costs for the first half of 2024 were RMB 128.1 million, down from RMB 184.1 million in the same period last year[48]. - The company employed 2,801 full-time employees as of June 30, 2024, a decrease from 2,990 employees at the end of 2023[48]. - The rental rate for apartment projects was 93.8% and for office projects was 76.0% as of June 30, 2024[46]. Dividends and Shareholder Information - The board of directors resolved not to declare any interim dividend for the six months ended June 30, 2024[1]. - The company did not declare any interim dividends for the six months ended June 30, 2024, consistent with the previous year[38]. - The company has applied for the resumption of trading of its shares on the stock exchange starting from November 5, 2024[90].
景瑞控股(01862) - 2024 - 中期业绩